This Day in History – Jan 15, 2021

Taxpayers Face $435 Billion in Student-Loan Losses

Taxpayers face a loss of $435 billion on the $1.37 trillion in student loans on the government’s financial statement at the beginning of this year, even if no additional loans are issued going forward, according to an internal study by the Department of Education, reported by the Wall Street Journal which reviewed the documents. Most of the losses would come from the already established income-based repayment programs and the debt forgiveness at the end of their term.

But who ultimately got this money, since students were just the conduit? The educational-financial-industrial complex, of course, the entities that have lined up to clean out the taxpayer via these student loans. Billionaires have been printed in the process, enabled and encouraged by the government since 2009. Any solution to the student-loan crisis needs to include measures that shut down that money-transfer and return the government’s role in student loans to where it had been before 2009.

Taxpayers Face $435 Billion in Student-Loan Losses, Already Baked in: Leaked Education-Department Study — https://wolfstreet.com/2020/11/22/taxpayers-face-435-billion-in-student-loan-losses-already-baked-in-department-of-education-study/

And let’s not forget who The Great Enabler was behind the college leaders’ lack of caring for their students College Presidents Fail to Protect Students from Covid-19 – College Clusterfuck Update 11.22.20. Politicians, of course.

We. Are. Doomed.

College Presidents Fail to Protect Students from Covid-19 – College Clusterfuck Update 11.22.20

In fact, university Presidents — leaders, let us remember — did not mobilize to protect students from Covid. Frankly, I never thought they did, because I do try to pay attention to these things, but to prove it to myself, I went through 33 pages of headlines for the Coronavirus tag in the Chronicle of Higher Education, all the way back to the first entry on February 24 (“Coronavirus-Themed Party at Albany Draws Criticism“)…

As it turns out, protecting students from Covid was never a top priority for University Presidents. The American Council on Education (“a membership organization that mobilizes [ha] the higher education community to shape effective public policy and foster innovative, high-quality practice”) has published periodic surveys on what University Presidents consider pressing issues.

College Presidents Fail to Mobilize to Protect Students from Covid-19https://www.nakedcapitalism.com/2020/11/university-administrators-fail-to-mobilize-protect-students-covid-19.html

The author of this article doesn’t attempt to hide his bias or contempt for the so-called leaders of our colleges and universities. I’ve made no attempt to hide my disdain either (sharp eyed readers will note my title above deletes two words from the original article title). The college clusterfuck has been one of my recurring themes:

Colleges’ Opening Fueled 3,000 COVID Cases a Day (College Clusterfuck Update)

“I slept on the floor, and woke up to ants crawling on my bed.”

College Clusterfuck 2.0 – “It’s a Dystopian Hell” – Updated

College Town Clusterfuck

The full article contains some pretty sorrid stuff. Enjoy!

Online education will become the standard operating model for higher education. Thousands of colleges and universities will go belly up. Professor Galloway at NYU says it’s simple math. See Galloway’s comments here: Post Pandemic Changes in Consumer Behavior

Quote for Today – 09.19.20

Higher education committed suicide with its dual racketeering model. First was the college loan racket, in which schools colluded with the federal government to jam too many “customers” through the pipeline who didn’t belong there, and who buried themselves under a lifetime debt obligation they could never escape. The second was the intellectual racket of creating sham fields of study that contaminated all the other “humanities” with poisonous bullshit theory, and eventually even invaded the STEM disciplines. Covid-19 screwed the pooch on all that, scotching the four-year party-hearty in-residence part of the deal. For now, who needs an online class in Contemporary Sexual Transgression ($2000-a-credit) when you can just click on Porn-hub for free? Hundreds of colleges and universities will be going out of business in the years ahead.

James Howard Kunstler — https://kunstler.com/clusterfuck-nation/things-going-by/#more-‘

A majority of young adults in the U.S. live with their parents for the first time since the Great Depression

In July, 52% of young adults resided with one or both of their parents, up from 47% in February, according to a new Pew Research Center analysis of monthly Census Bureau data. The number living with parents grew to 26.6 million, an increase of 2.6 million from February. The number and share of young adults living with their parents grew across the board for all major racial and ethnic groups, men and women, and metropolitan and rural residents, as well as in all four main census regions. Growth was sharpest for the youngest adults (ages 18 to 24) and for White young adults.

A majority of young adults in the U.S. live with their parents for the first time since the Great Depression — https://pewrsr.ch/351SVs1

And to think the number of young people living with their parents was based upon data from July. This percentage will go higher since a lot of kids are moving back home from college earlier than expected.

The problem with college during the coronavirus pandemic is not just what’s happening on campuses and in college towns. It’s also that colleges may end up spreading the virus to dozens of other communities. In recent weeks, as students have returned to campus, thousands have become infected. And some colleges have responded by sending students home, including those known to have the virus.

Last week, after hundreds of students came down with the virus, the State University of New York at Oneonta ended in-person classes and sent students home. Colorado College, North Carolina State, James Madison (in Virginia) and Chico State (in California) have taken similar steps. At Illinois State, Georgia Tech and the University of Georgia, administrators have encouraged some students who have tested positive to leave campus, so they don’t infect other students, and return home.

These decisions to scatter students — rather than quarantine them on campus — have led to widespread criticism. “It’s the worst thing you could do,” Dr. Anthony Fauci, the federal government’s leading infectious-disease expert, said on NBC. “When you send them home, particularly when you’re dealing with a university where people come from multiple different locations, you could be seeding the different places with infection.” – Zach Morin, a University of Georgia student, told WXIA, a local television station, “Once it is open and people are there and spreading it, it doesn’t make sense to send it across the nation.” Susan Dynarski, a University of Michigan economist, wrote on Twitter that “unloading students onto home communities” was “deeply unethical.”

There are no easy answers for colleges, because creating on-campus quarantines brings its own challenges. At the University of North Carolina in Chapel Hill, one student who tested positive — Brianna Hayes — said that no employee checked on her during her week in isolation. “Feverish and exhausted from the virus, she made four trips up and down staircases to move her bedding and other belongings to her isolation room,” The Times’s Natasha Singer writes, in a story about campus quarantines.

Still, many experts say that the colleges that chose to reopen their campuses despite the risks, often for financial reasons, have a moral responsibility to do better. “Universities are not taking responsibility for the risks they are creating,” Sarah Cobey, an epidemiologist at the University of Chicago, said.

Last spring, the meatpacking industry became a vector for spreading the disease, when it quickly reopened and caused hundreds of new infections. This fall, higher education may end up being a similar vector.

David Leonhardt – The New York Times The Morning newsletter email 09.09.20

Clusterfuck.

College Clusterfuck 2.0 – “It’s a Dystopian Hell” – Updated

Update 09.05.20

What could be worse than being stuck at home with Mom and Dad for months on end isolated from friends, activities restricted?

Going back to Mom and Dad to be stuck at home for even longer because you got expelled from college AND telling them they just paid for a year of college and housing for nothing.

The students were part of a special one-semester program for first-year students and according to Globe, the prepaid $US 36,500 cost for the semester won’t be refunded. Students won’t be able to take courses from home but are eligible to return in the fall.

11 freshmen at Northeastern were dismissed for violating COVID-19 rules. Their $35,000 tuition won’t be reimbursed. — https://www.businessinsider.com.au/11-northeastern-students-dismissed-breaking-covid-19-rules-party-2020-9

jordanschachtel.substack.com — America’s college students are returning to campus for the Fall semester, and many are finding themselves in an environment that no longer resembles an academic institution, but something closer to a correctional facility for young adults. It’s not just a handful of schools that are pursuing extreme restrictions and punitive measures in the name of “stopping the spread” of the coronavirus, but something that has become a nationwide norm.

Tales from America’s COVID college campuses — https://muckrack.com/jordan-schachtel/articles

College campuses have transformed into some of the most restrictive environments in America.  After hearing about these conditions, I sent out a post on social media asking for testimonials from students, parents, and educators. The responses below are some of the many replies I received discussing what students are experiencing in colleges and universities that have allowed for students to return to campus.

Tales from America’s COVID college campuses — https://jordanschachtel.substack.com/p/tales-from-americas-covid-college

From what I can tell Jordan Schachtel is an investigative journalist. If you follow the link in the second quote above you’ll find a bevy of quotes from both students and parents on college life 2020 pandemic edition. What you’ll read is absolutely jaw dropping. A lot of prison analogies…

This is not going well nor will it end well. Online education will become the new operating model for higher education sooner rather than later. See my earlier rant Post Pandemic Changes in Consumer Behavior for Professor Galloway’s opinion. He says it’s simple math.

Funny to think how colleges and universities will succeed now that they all have to focus on education and teaching their students. Not sports. No longer modern day fiefoms that exist solely to enrich the clueless intellectual elites. My Dad always told me the purpose of college was to teach you how to think, not what to think. High time to get back to what a “higher” education should be.